What are the factors ensuring a smooth settlement process of a real estate property in Western Australia? How these factors help you grab a successful deal? The factors are really helpful. Among all the factors, we are going to discuss the importance of Verification of Identity (VOI) of a property seller, buyer and the people who are offered with the certificates of the titles.
The settlement services in Western Australia always prefer to conduct a VOI on behalf of their clients (and not for anyone else). VOI helps in determining that a genuine person is dealing on the real estate properties.
What is the verification of identity?
The identification process of VOI supports the compliance framework of e-conveyancing. Once verified, the proficient conveyancers of Waterways Conveyancing (one of the most well-qualified settlement services in Western Australia) proceed with the settlement of different conveyancing matters. The VOI requirements offer a standard for:
➤ Identify buyers and sellers completing the transactions in relation with e-conveyancing
➤ The conveyancers verify the identity of the sellers and the buyers. For this, the clients have to produce Verification of Identity
VOI legislation is being introduced by different states of Australia for accurate transfers of property. The legislation puts the responsibilities of verification of identity of the buyers, sellers and anyone who is transferring the property on the above-mentioned legal agencies.
Advantages of Verification of Identity of the Real Estate Property Seller
➤ Reduction of the property fraud risk: The ID of clients are verified to reduce the risk of a property fraud. The clients should produce the following ID as proof of evidence:
1. Australian driver’s licence along with Australian passport/ Australian Proof of Age Card
2. Along with the passport, Citizenship/ Birth/ Resident Visa/ Descent Certificate and Centrelink/ Medicare/ Department of Veteran Affairs Card
➤ Minimise the extent of paperwork and manual processes: It enables both the financial institutions and the lawyers to make transactions together, online thereby reducing the extent of manual processes and paperwork
For any related services, you can contact the conveyancing services in Western Australia like the Waterways Conveyancing.